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This text refers to program version 6.3  

Individual Settings - VAT Codes

The VAT Codes setting is included in the following Standard products:

• Standard Accounts (Nominal Ledger module)
  

• Standard Contracts
  

• Standard Invoicing
  

• Standard Nominal Ledger
  

• Standard POS

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In order to comply with VAT regulations in various countries, you may need to charge or pay VAT at different rates, depending on the Item in question. To address these issues, you should use the VAT Codes setting to define as many VAT Codes as you need, with different accounting specifications.

After defining your VAT Codes, you can then assign them to Customers, Suppliers, Items and also to individual Sales and Purchase Accounts (depending on the Standard product you are using). VAT Codes allow you to ensure the correct VAT percentages are used, VAT is posted to the correct Nominal Ledger Accounts and accurate VAT statistics are provided.

If you are using Standard Accounts, you will find the VAT Codes setting in the Nominal Ledger module. Use the [Module] button in the Master Control panel to enter the Nominal Ledger module to work with this setting. Then, as in every Standard product, open the setting by first clicking the [Settings] button in the Master Control panel and then double-clicking 'VAT Codes' in the 'Settings' list to open the following window:

To edit a VAT Code record, simply click in the field to be changed and overtype the existing entry. To add a new VAT Code record, scroll down to the first blank line. The information required for each VAT Code record is as follows:

Code

You should assign a unique Code to each VAT Code record, with a maximum of two characters.

Excl %

Specify the percentage to be applied to a figure that excludes VAT in order to calculate the VAT amount.

Incl %

Specify the percentage to be applied to a figure that includes VAT in order to calculate the VAT amount.

Description

The description entered here will appear in the 'Paste Special' list, so should be detailed enough to ensure the correct VAT Code is always chosen.

The following additional fields are included in Standard Accounts:

Outp A/C

Paste Special    Account register, Nominal Ledger

Specify here the VAT Outputs Account to be credited whenever you use the VAT Code in a sales transaction.

Inp A/C

Paste Special    Account register, Nominal Ledger

Specify here the VAT Inputs Account to be debited whenever you use the VAT Code in a purchase transaction.

To save changes and close the window, click the [Save] button. To close the window without saving changes, click the close box.

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In this chapter:

• Introduction
  

• Types of Setting
  

• List of Individual Settings

Go back to home pages for:

• Standard Accounts manual
  

• Standard Contracts manual
  

• Standard Invoicing manual
  

• Standard Nominal Ledger manual
  

• Standard POS manual

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